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Commissioners authorize start of refinancing process for 2016 certificates of obligation
Summary
The court authorized advisors to pursue private-placement refinancing of roughly $8.9 million in 2016 certificates of obligation, estimating a potential coupon-rate reduction from ~4% toward ~3% and projected annual savings in the low hundreds of thousands.
San Patricio County commissioners on Monday authorized county financial advisors to begin a refinancing process for certificates of obligation issued in 2016, a step intended to lower interest costs on outstanding debt tied to road repairs.
A county consultant told the court the 2016 certificates were originally issued for about $8.9 million and that current market…
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